South Korean securities firm Kiwoom Securities is seeking to acquire a stake in Bithumb, the country's second-largest virtual asset exchange, according to local media Chosun Biz. The two parties are discussing a third-party rights offering to issue new shares, though the specific equity ratio and investment size are still under negotiation.
Traditional Financial Institutions Accelerate Crypto Entry
South Korean securities firms are rushing into the virtual asset industry ahead of the institutionalization of Security Token Offerings (STO) and stablecoins. Kiwoom Securities' move signals a deeper penetration of traditional finance into the digital asset space.
Tighter Regulatory Framework: 20% Cap on Major Shareholder Stakes
The Financial Services Commission (FSC) of South Korea is deliberating on major shareholder equity rules under the second phase of the Virtual Asset Act. In principle, the maximum stake held by a major shareholder of a virtual asset exchange would be capped at 20%, with a maximum exception of 34%. Bithumb's largest shareholder, Bithumb Holdings, currently holds 73.56%. If the regulation is enacted, Bithumb's major shareholder would need to reduce its stake by more than 50 percentage points to comply. This policy direction is expected to significantly reshape Bithumb's ownership structure and may attract additional strategic investors.